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(Transportation-News.com, July 10, 2019 ) The global Car Care Products Market is projected to grow from USD 11.8 billion to USD 16.1 billion by 2027 at a CAGR of 4.0%. Factors such as the rising disposable income and the increasing vehicle sales volume are surging the demand for high quality car wash products across the globe. Recent innovations such as biodegradable products and water-based solvents have increased the demand for car care products. The trend of maintaining a car as it is a part of a personal image is growing across most of the countries in the world. The advancements in car washing technologies have also enabled a significant growth in the usage of car care products. Application convenience and relatively affordable pricing continue to influence the sales potential of car care products. Auto beauty shops are projected to lead the consumption segment. Most of the authorized service centers and garages have done partnerships with car care products manufacturers to provide end-to-end solution to the customer.
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The car care products market is dominated by a few global players. The key players in the market are 3M (USA), Illinois Tool works (USA), Autoglym (UK), Sonax (Germany), Würth Group (Germany), Soft99 Corporation (Japan), Tetrosyl (UK), Simoniz USA (USA), Turtle Wax (USA), Liqui Moly (Germany), Northern Labs (USA), Armored Group (USA), Automagic (USA), Bullsone (South Korea), Jopasu Systems India Pvt Ltd (India) and Guangzhou Biabong Car Care Industries Co. Ltd. (China).
3M (USA) is the leading player in the global car care products market. It has a diverse portfolio and is one of the oldest players in the car care segment. The company has specialized in all the market segments and is present in all the four regions considered (Europe, North America, Asia Pacific, Russia and Brazil) through its strong network. In 2016, the company unveiled a design center in St. Paul, Minnesota, where the inhouse design team focuses on creative and innovative products. The company has planned to invest USD 60 million over the next 5 years to increase its manufacturing capacity to meet the increasing demand and enhance its infrastructure at the company’s Greenville operations.
The WÜRTH Group has acquired the Ulm-based company Liqui Moly, a globally operating and successful manufacturer of high-quality lubricants, engine oils, additives, and other vehicle care products. With this transaction, the Würth Group will become the sole owner of Liqui Moly GmbH. The main aim of the acquisition was to expand its product portfolio in the European region and other markets through strong dealership networks.
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